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Verano Holdings (VRNO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Verano Holdings
OTC Markets OTCQX•Healthcare•Drug Manufacturers - Specialty & Generic
$5.17+0.07(0.01%)Pre-market
Market Cap
$380.22M
P/S
0.4x
P/B
0.6x

Verano Holdings Corp. engages in the cannabis business in the United States. It is involved in the cultivation, processing, wholesale, and retail distribution of cannabis. The company also designs, builds, and operates cannabis dispensaries. It sells its products under the Encore, Avexia, MÜV, Savvy, Essence, BITS, HYPHEN, Swift Lifts, Verano, and Zen Leaf brand names to medical and adult use markets. The company is headquartered in Chicago, Illinois.

C

How this company scores

AverageMetricSide Score: 53/100

Strongest: Cash & Earnings Quality (16/25); weakest: Profitability (11/25).

Profitability11/25
Growth14/25
Balance Sheet & Red Flags12/25
Cash & Earnings Quality16/25
Strengths
Rising free cash flowProfit converts from growthImproving marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.4x5y range 0.4x – 11.6x
P/S 0.4x · below its 15-quarter median

Currently below its 15-quarter median.

P/B · 0.6x5y range 0.6x – 8.7x
P/B 0.6x · below its 18-quarter median

Currently below its 18-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -1.2x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $380.22M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$845.15M
2Q
Q. Revenue
$212.44M
5%
TTM EBITDA
$-11.69M
91%
TTM Op. Income
$-129.43M
49%
Q. Op. Income
$11.91M
28%
TTM Net Income
$-218.71M
2Q
Q. Net Income
$-4.07M
3Q
EPS
$-0.06
50%
Shares Out.
$73.12M
80%
$845.15M in TTM revenue grew 1.4% YoY, reaching $212.44M last quarter. TTM EBITDA of $-11.69M and TTM operating income of $-129.43M show growth is flowing through to the bottom line. However, net income is negative at $218.71M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
47.1%
0%
EBITDA Margin
19.6%
2%
Op. Margin
5.6%
23%
Net Margin
-1.9%
3Q
Op. margin of 5.6% is up 1.0% YoY — cost efficiency is improving. Net margin at -1.9% and gross margin of 47.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 23% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
0.4x
4Q
P/B Ratio
0.6x
3Q
P/S of 0.4x and P/B of 0.6x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$1.71B
11%
Cash
$102.05M
2Q
Long-Term Debt
$379.82M
6Q
Book Value
$671.89M
7Q
D/E Ratio
0.6
7Q
Debt/EBITDA
9.1
31%
With $1.71B in assets and $379.82M in long-term debt, D/E is 0.6and book value is $671.89M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 7 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$48.69M
3Q
TTM Free Cash Flow
$62.34M
3Q
FCF Margin
7.4%
3Q
FCF / Net Income
-0.3
3Q
TTM FCF of $62.34M on $48.69M in operating cash flow. The FCF / Net Income ratio of -0.3x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.

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Leverage Risk

Watch

Debt-to-equity has risen 25.9% recently — increasing financial risk even if the current ratio is manageable.

Revenue Decline

Red Flag

Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.